The feud between HYBE and ADOR has been ongoing for nearly a month, with new developments emerging daily.
The conflict started with HYBE’s initiation of an audit against ADOR, allegedly due to CEO Min Hee Jin’s attempts to take over ADOR’s management rights. After nearly a month of back-and-forth claims, the situation remains murky.
In a shocking turn of events, it was revealed that the CEO of ADOR reportedly reached out to Naver and Dunamu in an attempt to secure management rights. In addition, Naver and Dunamu have allegedly confirmed to HYBE that they indeed met with Min Hee Jin.
This new information contradicts Min’s earlier statement where she claimed that she had never met with any investors to discuss taking over management rights.
This new development could potentially strengthen HYBE’s claim that Min Hee Jin has been making efforts to gain control of the company, which may contradict her previous denials.
On May 17, sources in the investment banking and legal communities revealed that ADOR CEO Min Hee Jin met with officials from Dunamu and Naver to discuss a potential acquisition of ADOR.
During the meeting, Min allegedly asked Dunamu’s official to pressureize HYBE to make ADOR independent.
Notably, Dunamu holds a significant 5.6% stake in HYBE, making it the third-largest shareholder with the power to appoint directors.
Hee Jin contacting investors to seize management rights was revealed during the audit conducted on April 22.
During the audit, HYBE allegedly gained access to CEO Min’s computer and uncovered revealing KakaoTalk chat logs.
In other news, an important court hearing is underway today regarding CEO Min’s request to block HYBE from voting on her potential dismissal at ADOR’s upcoming shareholder meeting.
If the court rules in her favor, HYBE’s 80% stake in ADOR would be rendered powerless, effectively shielding CEO Min from potential removal.
